Afterpay Empowers the In-Store Shopping Experience with Apple Pay and Google Pay
We’re excited to announce that Afterpay is now empowering shoppers to “Buy Now, Pay Later” in physical store locations with our new strategic partnerships with two of the leading global mobile payments platformers, Apple Pay and Google Pay.
Beginning this month, shoppers can pay for items in select retail stores using Afterpay. Shoppers will complete a one-time setup process to add the Afterpay virtual card to their digital wallet, and then simply tap their Android or iPhone at the POS terminal to transact. Shoppers take their product home that day, and pay over 6 weeks with no interest and no fees, just as they would online.
Afterpay’s in-store offering is free for all users and just like using Afterpay online, customers can pay for their in-store purchases in four interest-free installment payments, reducing the risk of credit card debt. Forever 21, Fresh, Skechers and Solstice Sunglasses are among the first U.S. store partners planning to offer Afterpay’s in-store solution this year.
The U.S. launch of Afterpay’s in-store offering builds upon the success of the solution launched in Australia and New Zealand in 2016. By the end of the 2019 calendar year, the in-store offering represented nearly a quarter of total underlying sales for the region - with almost 40,000 storefronts participating. According to the Wall Street Journal, in a recent UBS survey of Australian consumers, one in five said they wanted fewer credit cards. Of those, 13% cited their preference towards buy-now-pay-later as the reason.
The trend toward BNPL is spreading globally, driven by a rise in debit card usage and shifting consumer preference for alternative credit options: Since March 2020, Afterpay has added 1.6 million U.S. users to its platform.
By using existing Google Pay and Apple Pay terminals, there is no technical integration required, and no integration costs associated with accepting Afterpay. Retailers can quickly leverage the popularity of alternative check-out options to attract and retain a growing customer base who prefer to pay without incurring traditional credit debt, interest or fees. For this reason, retailers offering Afterpay see an average increased conversion of approximately 22% - as well as increased basket size, higher customer satisfaction and repeat customers.
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